RE: Rns11 May 2023 07:26
Paul Haywood, said:
"Since announcing the Company's three project strategy approximately 12 months ago, marking the start of concurrent development and appraisal activity, Block has made material progress. It has successfully delivered on its operational plans for 2022, which included increasing near-term production and cashflows from Project I, proving the concept of un-swept oil in the Patardzueli field under Project II and advancing the Project III high-impact 1 TCF contingent gas resource opportunity. Additionally, Block secured a $3m farm-out of non-core areas, establishing Project IV, providing the Company with direct exposure to high-impact exploration".
"As revenue continues to grow, so can the Company. This is why we remain focussed on accelerating our Projects which are intended to create significant shareholder value and cash flow whilst providing the Georgian Government and society with greater energy security. Our plan is clear, the strategy is working, and the team is energised to execute operationally and strategically. As we enter our next drilling phase, the Company has never been in a more exciting position".
That was year end reports and the company is now in an even better position.